I have a Heloc on primary residence for rehab, and to purchase an investment duplex. Is there a benefit to getting the mortgage with the bank the Heloc is through, or through a local lender. Is one better than the other?
@Vincent Carosso it depends— how is your customer service experience with the bank? Sometimes banks will give a lower price on loans to current clients, but if the service is bad, it could be worth your time and money to seek outside financing. An independent lender has more to lose if you don’t choose them, so they will likely be more attentive and creative with your situation.
@Caroline Hardin thanks. I do have a good relationship with my bank; I am purchasing the duplex a few hours away, and wasn’t sure if there was a Benefit to staying with them for convenience or finding a local lender. I will do some research and make the comparisons.